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PARAMETERS |
FEATURES |
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Eligibility |
The Saving Fund Account may be opened by an INDIVIDUAL singly or jointly, minors of the age of 10 years and above, minors under natural/legal guardianship. An illiterate or a visually impaired person is also eligible to open Saving Fund account under the scheme with usual safeguards. |
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Minimum Quarterly Average Balance Requirement |
This account shall not have the requirement of any minimum balance. For these accounts, minimum balance/initial balance requirement would be ZERO. |
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KYC Compliance |
The account would be subjected to RBI instructions on Know Your Customer (KYC)/Anti Money Laundering (AML) for opening of bank accounts issued from time to time. However, it is reported that the customers who have opened their BASIC SAVING BANK DEPOSIT ACCOUNT (BSBDA) after complying KYC norms, are asked to submit KYC documents again like customers of Small Accounts. It not only creates inconvenience to the customers but also affects the customer service. As such, BSBDA customers should not be put into inconvenience by asking KYC document again after opening of account. |
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Nomination |
Allowed |
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Issuance of Cheque Book |
A cheque book of 10 leaves may be issued (at the discretion of the branch incumbent) free of cost in a year. Thereafter, normal cheque book charges would be applicable. |
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Extent of transactions/ Operation permitted and facilities associated with the BSBD account, free of charge, without any requirement of minimum balance |
The deposit of cash at Bank Branch as well as ATMs / CDMs
Receipt/ credit of money through any electronic channel or by means of deposit /collection of cheques drawn by Central/State Government agencies and departments.
No limit on number and value of deposits that can be made in a month.
Minimum of six withdrawals in a month, including ATM withdrawals. {The minimum free withdrawals available to the BSBD Account holders can be made at all ATMs (own-bank/other bank ATMs). |
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Debit Card/ATM Card |
Facility of ATM Card or ATM-cum-Debit Card shall be available without any charge.
The customers of BSBDA will be able to withdraw the amount through ATM as per existing ATM guidelines i.e. free at PNB ATM and charges at other Bank’s ATM over and above free monthly ATM transactions permitted. However, annual maintenance charge shall be recovered. |
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Capturing of Biometric Details in Basic Saving Bank Deposit Accounts (BSBDA) to enable online transaction at BC locations |
Detailed guidelines in respect of capturing biometric details in Basic Saving Bank Deposit Accounts (BSBDA) to enable online transaction at BC locations have been circulated vide Priority Sector & Financial Inclusion Division guidelines which inter-alia provide that entering of biometric detail in an account makes it feasible to transact at Business Correspondent (BC)location.
Bank is providing KIOSK Banking Solution (KBS) which is a web based solution to support banking services such as deposit/receipt of cash etc. at BC locations.
The existing Basic Saving Bank Deposit Accounts (BSBDA) holders at branches can use BC outlet facility by submitting Biometric details in their accounts. To enable this facility, the customer would require filling up an application form (ANNEXURE-D) and submitting at branch with a request to capture their Biometrics. While opening of new BSBDA account, Biometric details of all customers must be captured.
perational guidelines for branch capturing Biometrics in the account is available in the above said FI Division Circular.
Branches should make efforts to educate BSBDA customers to use online BC outlets for their financial transactions, which will help to decongest branches. Branch Incumbents must bring the contents of this circular to the notice of all staff members. |
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Other Terms & Conditions |
The BSBD Account shall be considered a normal banking service available to all.
Holder of Basic Saving Bank Deposit Account will not be eligible for opening any other saving bank deposit account in the same bank. BSBDA holder will be required to close all existing saving fund account in our Bank within 30 days from the date of opening of the account.
The services available in the account will include deposit and withdrawal of cash at bank branch as well as ATMs, receipt/ credit of money through electronic payment channel or by means of deposit/collection of cheques drawn by Central/State Government agencies and department.
No charge will be levied for non-operation/activation of in-operative of Basic Saving Bank Deposit Account.
The existing basic banking ‘no frill’ accounts will be converted to Basic Savings Bank Deposit Account (PNB Zero Balance Account) after completing KYC norms. |
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Display the brief of BSBDA at prominent place of branch |
As per code of Bank’s Commitments to Customers Banks need to prominently display the availability of the facility for opening of BSBD Accounts in all the branches.
During quick study of implementation of above code provision, BCSBI found that the guidelines in respect of Basic Saving Bank Deposit Accounts (BSBDA) are displayed only in few bank branches.
In view of the above, it is requested to display the brief of BSBDA at the prominent place in the banking hall and also ensure that the front line staff including branch officials is aware about the procedure for opening of BSBD Accounts. |